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By 0 Follow Wed, 1 Dec 2010, 9:09pm 1,029 views 6 comments
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So my question is, do all real estate agents have to sign some sort of non-competing clause in order to hold their own unfair market up?
If one had such info and presented as evidence to say the FTC, it would certainly break the oligopolies that exist. Such agreements may not be written but oral amoung agents.
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Pasadena, CA
Redfin is as good as it gets right now for "near self serve" clients like yourself.
As you found out, most FSBO listings are looney sellers who have such unrealistic expectations that no listing agent will even bother wasting their time with them.
5% split commission is fair for most of the country where median homes cost less than $200k, but it's ridiculous for an $1 million 2,000 sq foot ranch-style home in a desirable California neighborhood. It takes the same amount of work to sell either one.
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Scottsdale, AZ
robertoaribas's website
agents do break ranks all the time. For a sophisticated buyer, such as yourself, I (agent licensed in Arizona ) would see what you wanted:
Hourly rate?
refund of commission similar to redfin, in closing cost/prepaid credit?
This would depend on how much you do on your own; Some clients will drive by properties, familiarize themselves with areas, and GREATLY reduce the number of times and hours we meet to look at properties. Fair enough, that client in my mind certainly deserves a commission break!
If someone both buys and sells with me, I generally credit 2% of the sale price, commission to the buy side that follows.
However, if someone wants to look at 500 condos priced at $20K to buy 1... Well, the full 3% would work out to way below minimum wage and probably not cover my gas, so NO I wouldn't be interested in that!
Find an agent you gel with, and work it out! Especially someone on 100% plan (ie not cutting it with their broker!... My broker fee is $25 a month and $300 a transaction, so needless to say, I can afford to be flexible)
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A Broker here...
there are plenty of alternatives out there. Help-U-Sell is the cheapest out there, I think, but you really don't get much help. If you can do it on your own...they're for you.
I started a company on the Peninsula, @listings, that offers 50% rebates to buyers and a flat-fee structure for sellers...all in all, everyone saves about half off commissions.
There are plenty of other companies that offers reduced commissions, 1% listing side commissions, etc. They just don't get a lot of publicity. Because agents for larger companies like Coldwell banker hate them.
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Here is a short version of house buying in 3 steps:
- from county clerk get a list of foreclosures [houses in default, and date of auction - its public record]
- research which property you like.
- show up at the public auction and bid.
This is big business apparently.
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Do what I did. Get an RE license. It's not hard at all. Even a middle school drop out can do it. As long as you are literate.
Go look at homes yourself, and make offers yourself and save yourself the commission. You'll also bump into a few people trying to piggy back into the home you're trying to look at. Then they'll also ask you to make an offer for them. If you're lucky, some will bid high and beat out the others.